Amara Holdings’ share price surge in relation to possible transaction may lead to offer for company’s shares

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Amara Holdings, on June 18, announced the possibility of an offer for the company’s shares. Following “unusual price movements” in its share price and higher than normal volume of trading on June 15 and 16, the board of the company was notified by the executive directors, Albert Teo Hock Chuan and Susan Teo Geok Tin, that they and certain family members are engaged in confidential discussions with a third party.

Though not previously disclosed, the board requested a trading halt on June 16, after shares surged 13.6% higher than the closing price of 39 cents on June 15. It further noted that the unusual volume of trading that had taken place on June 14 and 15 saw an overall increase of 9.9%.

With the request of a trading halt, the shares of Amara closed at 44 cents on June 16, 5 cents higher or 12.8% up at the time. The board lifted the halt on June 18.

Amara Holdings is yet to disclose any information in connection with the discussions that are taking place with the third party. However, the announcement comes after the “unusual price movements” in its share price.

The company has seen some progress in the past year, with the opening of a mall in Shanghai, and the purchase of a property in Surrey Point for $47.8 mil. Despite this, its financials took a dip in 2017, with a 36% fall in earnings to $24 mil due to an increase in selling costs and tax expenses.

Though there is yet to be an official announcement concerning the discussion that is taking place with the third party, investors will stay keenly attentive on the progress of the company.